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What if I leave Shell?

If you leave Shell employment for any reason, your options will depend on your age and Pensionable Service. They will generally take into account any period of membership of the Shell Overseas Contributory Pension Fund (SOCPF).

What if I have 2 or more years’ Pensionable Service?

If you have at least 2 years’ Pensionable Service, your pension will be based on your Pensionable Service and your Final Pensionable Salary at the date you leave.

Does my pension increase after I’ve left?

As your pension is not yet being paid, it is called a deferred pension. It will continue to be revalued, increasing in line with increases in the Retail Prices Index (RPI) up to 5% each year.

Your AVCs will continue to remain invested until you take your benefits, and you can change your AVC investment funds at any time. As AVCs are a top-up to your main SCPF benefits, they must be treated in the same way.

For example, if you wish to transfer your benefits you must transfer both your main SCPF benefits and your AVCs together. However, if you take your SCPF pension early, you can decide to take your AVC benefits at the same time or at a later date (up to age 77). Further details are available in the SCPF AVC explanatory booklet.

What if I have less than 2 years’ Pensionable Service?

You will have the option to:

receive a net refund of your own SCPF pension contributions, including interest at the rate of 3% a year. If you have paid AVCs, your AVC fund will also be returned to you.

If you do nothing you will automatically receive a refund of your contributions net of tax.

What if I have transferred a pension from another scheme into the SCPF?

You will automatically become entitled to a deferred pension.

What if I am age 55 or more?

If you wish, you can take an immediate pension, instead of deferring it until Pension Age. The pension would be reduced, currently at the rate of 4% for each year it is drawn earlier than Pension Age, to take account of it being be paid for longer. This factor is subject to periodic review and may change in the future.

If you do nothing your pension benefits will automatically be deferred until your Pension Age or earlier date that you decide to take your pension.